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11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,089.77 -0.20 -2.30 -4.06 -9.28 -7.47 -3.87 10.08 5.46 -2.30 -8.64 -4.72
NAV 1,100.44 0.01 -1.12 -2.27 -4.47 -2.84 -0.51 8.26 5.24 -1.30 -4.81 -1.64
Difference 0.20 1.17 1.79 4.81 4.63 3.36 -1.83 -0.22 1.01 3.84 3.08
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.68 2.60 0.89 -1.21 2.25 -7.13 0.69 - - - -2.41
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.21 2.19 0.90 -0.15 2.95 -3.57 0.01 - - - -0.34
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.46 -0.41 0.01 1.07 0.70 3.56 -0.68 - - - 2.07
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 11.80 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.29
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.16 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.46 11.62
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.64 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 1.97 -2.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.22 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.48 17.70
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.93 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.41 14.34
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.30 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.07 -3.36
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.37 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.62 -9.99
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.96 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.13 -8.17
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.33 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.51 1.82

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.41%
1Yr Disc
-0.99%
3Yr Disc
-1.38%
5Yr Disc
-1.90%
Rel Disc Range (3yr)
39.82%
Mkt Yield
10.34%
Lev Adj NAV Yield
7.90%
After Tax Yield*
8.55%
Est Tax Friction*
1.79%
3Yr NAV Volatiliy
11.00
1 Yr RoC
24.83%
3 Yr Dest RoC
9.46%
Leverage
27.31%
Non Lev Exp Ratio
2.14%
Beta (2yr)
0.47
Equity Exposure
41.81%
Bond Exposure
55.87%
# Holdings
78
Cash Weighted Duration
1.94
Comp NAV TR
1.28%
Comp Discount
2.62%
Net Assets (M)
815
Liquidity - 90d (K)
3,108
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


78 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.18 -10.57 7.71 0.00 0.00 611 2,086
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.16 -4.84 8.83 6.65 33.53 1,821 3,993
ZTR Virtus Glbl Div & Inc Fd Virtus 1.24 -3.42 13.71 67.77 28.32 252 1,003
FOF C&S CE Opp Fd Cohen & Steers 1.20 -9.26 9.35 54.57 0.00 335 991
NHF NexPoint Stgc Opp Fd NexPoint Advisors 2.49 -10.32 11.18 25.69 16.87 774 2,090
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.25 -19.64 6.98 10.72 30.07 123 297
CGO Calamos Glbl Tot Rtn Fd Calamos 1.12 0.72 10.67 21.72 35.32 97 381
GLV Clough Glbl Div & Incm Fd Clough 1.25 -11.49 11.58 72.03 40.74 86 293
CHW Calamos Glbl Dyn Incm Fd Calamos 1.12 -5.09 11.55 7.19 36.30 453 1,821
RIV RiverNorth Opp Fd RiverNorth 1.23 -3.41 15.33 24.32 4.40 122 1,289
SCD LMP Cap & Incm Fd Legg Mason 1.22 -12.90 10.38 50.43 25.10 247 387
GLO Clough Glbl Opp Fd Clough 2.17 -11.80 11.65 0.20 40.15 330 1,447
PKO PIMCO Incm Opp Fd PIMCO 1.05 6.45 8.80 0.00 32.10 377 1,721
BTZ BR Cr Alloc Incm Tr BlackRock 1.06 -13.05 6.90 0.00 32.92 1,404 2,703
DBL DbLin Opportunistic Cr Fd Doubleline 1.03 -3.81 6.96 21.21 19.74 294 1,708
PDI PIMCO Dyn Incm Fd PIMCO 1.03 9.56 8.61 0.00 38.74 1,577 9,018
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.97 -13.25 13.13 50.98 28.18 150 746
GOF Gghm Stgc Opp Fd Guggenheim 1.04 6.74 11.13 11.66 0.00 589 3,662
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.02 -14.75 7.85 0.00 29.33 1,081 2,674
PFN PIMCO Incm Stgy Fd II PIMCO 1.04 2.51 9.81 0.00 23.05 574 2,445
PFL PIMCO Incm Stgy Fd PIMCO 1.02 2.47 10.00 4.54 23.90 270 823
DSL DbLin Incm Solutions Fd Doubleline 0.99 -7.53 9.98 1.52 30.24 1,978 7,130
RA Brkf Real Ast Incm Fd Brookfield 0.96 -13.37 12.05 30.54 24.33 835 3,496
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 1.05 -1.04 8.66 0.00 45.82 3,156 14,390
PHK PIMCO Hi Incm Fd PIMCO 1.13 37.09 11.54 20.31 22.80 795 5,526
BHK BR Core Bnd Tr BlackRock 1.07 -9.12 6.32 0.00 29.37 733 1,451
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.00 39.44 11.38 23.28 26.35 100 611
CLM Cornerstone Stgc Val Fd Cornerstone 1.07 9.35 20.06 84.05 0.00 812 8,007
CRF Cornerstone Tot Rtn Fd Cornerstone 1.05 9.96 19.98 82.01 0.00 414 4,726
DNP DNP Sel Incm Fd Duff & Phelps 1.20 15.83 7.06 41.03 26.72 2,762 3,950
GUT Gabelli Util Tr Gabelli 1.27 25.51 9.76 98.17 28.00 261 993
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.05 -3.61 7.14 66.40 0.00 651 1,418
EOD WF Glbl Div Opp Fd Wells Fargo 1.16 -12.28 12.16 0.00 15.30 263 877
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.01 -6.43 15.27 59.83 12.00 570 2,630
GLQ Clough Glbl Eq Fd Clough 0.98 -7.03 11.11 8.19 40.23 143 706
HQH Tekla Health Invstr Tekla 1.02 -9.65 10.23 17.24 0.00 932 3,189
BGR BR Nrg & Res Tr BlackRock 0.96 -8.59 7.95 70.92 0.00 382 1,233
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.00 -11.01 11.02 25.31 25.32 255 1,028
VTA Invsc Dyn Cr Opp Fd Invesco 1.45 -14.40 6.97 15.98 30.46 931 2,400
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.40 -8.54 8.35 0.00 36.20 793 2,531
NBB Nuv Taxable Muni Incm Fd Nuveen 1.50 -7.39 6.41 0.00 29.50 712 1,457
BBN BR Taxable Muni BndTr BlackRock 1.55 -6.00 6.74 0.00 37.17 1,285 4,357
DMO WA Mortg Dfin Opp Fd Legg Mason 1.46 2.19 9.80 0.00 31.40 219 810
CHI Calamos Convt Opp & Incm Calamos 1.27 -3.24 9.75 20.53 34.36 721 3,644
BGB B/GSO Stgc Cr Fd Blackstone 1.39 -11.98 9.26 0.00 36.74 723 2,572
ARDC Ares Dyn Cr Alloc Fd Ares 1.45 -14.24 8.89 0.00 29.16 389 1,640
KIO KKR Incm Opp Fd KKR Credit 1.41 -10.67 10.07 1.77 30.50 339 1,416
RCS PIMCO Stgc Incm Fd PIMCO 1.53 37.03 9.09 14.42 41.77 299 1,440
ARCC Ares Capital Corp Ares 1.05 -3.96 9.47 0.00 37.10 7,315 33,470
PSEC Prospect Capital Corp Prospect Capital 1.00 -29.82 10.93 0.00 42.89 3,432 12,194
FSIC FS Investment Corp FB Income 0.94 -32.99 13.13 0.00 41.92 2,066 7,102
MAIN Main Street Cap Corp Main Street Capital 1.08 51.56 6.25 0.00 37.42 1,506 9,525
HTGC Hercules Capital Hercules 1.00 12.33 10.63 0.00 43.74 1,004 5,497
TSLX TPG Specialty Lending TSL Advisers 1.08 19.55 7.92 0.00 43.72 1,077 5,451
AINV Apollo Inv Corp Apollo Investment 1.01 -24.37 12.26 25.00 40.10 4,107 4,569
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.99 -9.49 11.71 0.00 16.59 336 2,457
NMFC New Mountain Fin Corp New Mountain Capital 1.07 -2.95 10.32 7.13 54.38 1,034 3,639
TCPC BR TCP Capital Corp Tennenbaum Capital 1.11 -0.90 10.01 0.00 45.79 853 4,483
NTG Tortoise MLP Fd Tortoise 0.91 -7.71 13.07 80.00 34.30 886 5,444
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.94 -5.24 11.98 83.33 35.34 2,000 8,765
FEI FT MLP & Nrg Incm Fd First Trust 0.94 -11.06 11.40 92.68 26.82 556 2,518
CEM CB MLP & Midstream Fd Legg Mason 0.88 -10.58 12.54 100.00 34.01 891 3,374
CEN Center Coast MLP & Infr Fd Center Coast 0.92 -0.90 16.28 100.00 30.70 234 1,637
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.90 -9.03 11.27 100.00 28.16 398 1,751
NML NB MLP Incm Fd Neuberger Berman 0.94 -13.24 8.99 100.00 22.90 479 1,927
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.89 -9.29 12.60 0.00 31.82 445 1,806
FMO F/C Nrg Infra Fd Guggenheim 0.91 -4.66 13.16 100.00 37.98 365 1,982
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.90 -9.23 10.92 100.00 28.10 250 893
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.66 -15.75 8.84 8.08 31.75 472 1,281
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.68 -12.18 11.09 56.43 0.00 526 1,841
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.72 -15.85 8.97 63.00 11.00 927 2,567
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.24 -8.86 8.26 0.00 36.40 189 702
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.20 -9.26 8.72 10.50 30.00 682 2,235
JPS Nuv Pref & Incm Sec Fd Nuveen 1.23 -10.65 8.35 0.00 35.23 1,836 5,046
FPF FT Imd Dur Pref & Incm Fd First Trust 1.21 -10.15 8.74 0.00 31.88 1,323 4,432
HPS JH Pref Incm Fd III John Hancock 1.22 0.41 8.60 19.79 35.46 536 1,005
BANX StoneCastle Fin Corp StoneCastle 4.06 -5.67 7.31 0.00 23.58 144 317
OXLC Oxford Lane Cap Corp Oxford Lane 4.10 -2.72 16.77 0.00 33.73 361 3,085

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %